by Dato' Chris Chin
The phrase "free legal fees" as advertised by developers is no longer alien to us. In fact, we would think that when we purchase any property direct from the developer, many of us will ask if there is any " free legal fees ". What does the phrase " free legal fees " connotes? Does it mean that we do not need to pay a single cent for legal fees? At least the literal interpretation of the phrase " free legal fees " suggests so. Click below to read more.
When we plan to purchase a property, the only factor most of us consider is the down payment and purchase price of the property, especially if you are planning to get your first property. You should take into account other costs involved such as legal fees and stamp duty for your Sales and Purchase Agreement (SPA / S&P) and Loan Agreement and valuation fees (if any).
What is Down Payment?
Stamp Duty for Memorandum of Transfer (MOT) and Loan Agreement
Legal Fees for Memorandum of Transfer (MOT) and Loan Agreement
Legal fees is payable to the appointed lawyer who will prepare Sale & Purchase Agreement between purchaser and vendor.
Valuation Fees (Secondary Market only)
For capital valuation/rating valuation services based on an “Improved Value” basis.